China Development Bank to set up credit line for Mozambique

28 October 2011

Maputo, Mozambique, 28 Oct – Mozambique’s Millennium bim bank is set to sign an deal with the China Development Bank for the creation of a credit line totalling US$100 million to be applied to investments in Mozambique, said the chairman of Portuguese bank, Banco Comercial Português (BCP).

Cited by the Mozambican press, Carlos Santos Ferreira, chairman of BCP the bank that owns 66.69 percent of Millennium bim, declined to give further details saying that the credit line was still a matter of negotiation.

BCP recently changed its strategy to focus on Portugal, Africa, Brazil and china and Santos Ferreira, who travelled to Mozambique to mark Millennium bim reaching 1 million customers, said that, “regardless of the amount, what is relevant to us is that we are seeing the strategy we have adopted being carried out.”

Millennium bim also has a relationship with another Chinese bank, the Bank of China, under which the Mozambican bank has created a special price list for the Chinese community resident in Mozambique, “to benefit from a very competitive price for sending and receiving funds.” (macauhub)